10 highest paying master’s degrees

Want to be at the very top of your game? If you want to secure one of the most respectable and highly paid jobs out there in 2024, a master’s degree is the perfect way to ensure you’ve got the specialised skills, industry knowledge and reputable qualification needed to succeed.

For a long time, research has shown that a master’s degree can dramatically increase your salary, and data from the Economic Policy Institute supports that. The researchers found that graduates of advanced degree programs earned around 25% more than those with only a bachelor’s degree. Of course, the extent of your salary increase will vary depending on your specialism, but this data shows that obtaining a master’s is a worthwhile pursuit.

In this article, we’ll explain exactly what a master’s degree is before discussing the top 10 master’s programs you can take to secure a highly paid career. We’ll also go into detail about the kinds of jobs each type of master’s could lead to, and the average salaries you can expect for each career pathway.

What is a master’s degree?

You’ll most likely already be familiar with master’s degrees, as they’re the most popular type of postgraduate degree out there. You can take a master’s in virtually any subject, and they offer a more advanced and in-depth overview of your chosen field. To take one, you’ll already need to have a foundation in your subject of interest, normally in the form of a bachelor’s degree.

A master’s degree is a Level 7 qualification, and it’s worth 180 credits in total. While it normally takes 1-2 years to complete, it can be spread out over a longer period of 2-4 years for students who need to study on a part-time basis.

You’ll study on a range of modules, and most likely have to write a dissertation, requiring you to carry out your own original research and create a thesis. Due to the advanced subject matter, you should expect to commit a lot of time to studying.

The most popular types of master’s degree are a Master of Arts (MA) and a Master of Science (MSc), but other common types out there include a Master of Business Administration (MBA), a Master of Philosophy (MPhil), and a Master of Research (MRes).

What are the top 10 highest paying master’s degrees? 

So, which master’s degrees should you consider if you’re aiming for the big bucks? In reality, what you go for will really depend on your current expertise, passions and career goals. For example, it’s unlikely that a master’s in dentistry is going to be right for you if your bachelor’s degree and professional experience lie in politics. 

To gather this information, we looked at the LEO Graduate and Postgraduate Outcomes data from the tax year 2021/22, published by the UK government. Specifically, we looked at the median earnings of Level 7 postgraduates by subject studied, five years after their graduation in the UK. 

These are the most up-to-date salary statistics at the moment, so you’re in the right place if you’re looking for real data to back up your decisions. So, without further ado, let’s get into the top 10 highest paying master’s degrees.

1. Master of Business Administration (MBA)

Median salary of graduates: £74,800 per year

An advanced degree aimed at ambitious professionals hoping to climb the career ladder, an MBA is the ultimate toolkit for future leaders and senior professionals, teaching students everything they need to know about business management. And, as you can see, the median salary for graduates is way above the average salary in the UK.

MBA programs cover everything from business operations and strategic planning to digital marketing and accounting. They hope to equip graduates with the skills, knowledge and practical expertise to solve complicated business problems and lead successful teams, whether they end up working for a reputable business or themselves in the future.

Career options

• Chief Executive Officer (CEO)
• Supply chain manager
• Management consultant
• Head of HR
• Director of marketing

Average salaries for related careers

CEO: £84,106 per year

Management consultant: £60,118 per year

Online MBAs on FutureLearn

• MBA by the University of Birmingham
• Master of Business Administration by the University of Edinburgh
• Master of Business Administration (Health Care Sector) by Coventry University

2. MSc in Economics

Median salary of graduates: £52,900 per year

Economics is absolutely essential in society, so budding economists have a huge range of impactful career opportunities to choose from, particularly if they have advanced expertise from a master’s degree. 

The study of economics overlaps with many other subjects, including business, law, psychology and politics, making it a fascinating subject to study — there’s a lot to learn, and the skills you develop can have real ramifications in the world we live in.

A social science that looks at the production, distribution and consumption of goods and services, a degree in economics could lead to well paid careers in politics, finance, journalism, the nonprofit sector and beyond.

Career options

• Financial analyst
• Economist
• Actuary
• Investment banker
• Policy advisor

Average salaries for related careers

Economist: £50,155 per year

Actuary: £77,550 per year

Online master’s in economics on FutureLearn

• Health Economics & Health Policy MSc online by Brunel University
• Global Public Health & Social Justice MSc online by Brunel University
• MSc International Management by the University of Birmingham

3. MSc in Medicine and Dentistry

Median salary of graduates: £49,300 per year

If you’re already working in the medical field, a master’s degree can be a great way to advance your expertise in niche areas, prepping you for more senior and highly paid specialist roles. Whether you’re interested in cardiology or orthodontics, you can pick a master’s that hones in on the specialty of your choosing.

And as you probably already know, the more specialised your medical skills, the more you can expect to be paid. Plus, your job security is pretty good, as there are generally less medical professionals out there with all the required training and experience.

Career options

• GP
• Dentist
• Anaesthetist
• Cardiologist
• Clinical radiologist

Average salaries for related careers

Dentist: £57,457 per year

Cardiologist: £84,349 per year

Online master’s in medicine on FutureLearn

• MSc Surgical Sciences by the University of Edinburgh
• MSc Epidemiology by the University of Edinburgh
• MSc Genomic Medicine (Online) by the University of Exeter

4. MSc in Computing

Median salary of graduates: £48,500 per year

If you’re looking for a well respected master’s degree that will open opportunities in the tech world and beyond, computer science is definitely a good choice. It offers a foundation in many vital skills for the modern world, including mathematics, programming, statistics, data analysis, Artificial Intelligence (AI) and Natural Language Processing (NLP).

Good pay is definitely one factor that attracts students to a computer science degree. The careers you can move into with this degree are pretty lucrative because they’re in high demand industries and require specialist skills. In addition, the US Bureau of Labor Statistics predicts that computer science employment may grow by 15% between 2021 to 2031.

Career options

• Data scientist
• Software engineer
• Data analyst
• Cloud consultant
• Machine learning engineer

Average salaries for related careers

Data scientist: £53,360 per year

Machine learning engineer: £64,431 per year 

Online master’s in computing on FutureLearn

• MSc Computer Science with Artificial Intelligence by the University of Hertfordshire
• MSc Cyber Security by Coventry University
• MSc Software Engineering by the University of Hertfordshire

5. MSc in Mathematical Sciences

Median salary of graduates: £47,400 per year

If you want to speak the language of the universe, a master’s in mathematical sciences might be the answer. Given this description as mathematics helps us understand and describe the world around us, a master’s will focus on mathematical concepts, theories and techniques needed to tackle complex problems. 

You can go into all sorts of careers with a postgraduate degree in mathematical sciences, including in science, engineering, finance and computer science. Whether you’re interested in developing new technologies, analysing financial markets, or conducting scientific research, a strong grasp of mathematics opens up a wide range of well paid career opportunities.

Career options

• Statistician
• Cryptographer
• Data scientist
• Actuary
• Aerospace engineer

Average salaries for related careers

Statistician: £40,851 per year

Aerospace engineer: £39,865 per year

Online master’s in mathematical science on FutureLearn

• MSc High Performance Computing (HPC) by the University of Edinburgh
• MSc Data Science and Analytics by the University of Hertfordshire
• MSc Global Financial Management by the University of Roehampton

6. MSc in Business Management

Median salary of graduates: £47,400 per year

A master’s in business management is your go-to program if you’re aiming for a leadership role in the business world. You’ll study strategic management, marketing, finance, and leadership, gaining insights into how businesses operate and thrive. This type of program is about building the skills needed to analyse business environments, develop strategies, and lead teams effectively.

Whether you’re looking to climb the corporate ladder or start your own venture, a business management master’s will equip you with the essential skills and knowledge needed to succeed in today’s dynamic business landscape.

Career options

• Business analyst
• Head of HR
• Project manager
• Management consultant
• Marketing manager

Average salaries

Head of HR: £79,913 per year

Management consultant: £60,118 per year

Online master’s in business management on FutureLearn

• MSc Project Management by the University of Roehampton
• MSc Global Marketing by the University of Roehampton
• MSc International Management by the University of Birmingham

7. MSc in Engineering

Median salary of graduates: £46,000 per year

Pursuing a master’s in engineering allows you to deepen your expertise in a specialised engineering field, such as renewable energy, infrastructure or even robotics. This kind of degree will enhance your technical skills and prepare you to tackle complex engineering challenges.

Additionally, a master’s degree opens doors to diverse professional opportunities across various industries, from research and academia to leading tech companies, giving you the chance to build a strong network with industry experts. Ultimately, engineers will always be needed in society, so completing advanced training is a great way to secure your future and those high salaries.

Career options

• Civil engineer
• Electrical engineer
• Aeronautical engineer
• Mechanical engineer
• Robotics engineer

Average salaries for related careers

Mechanical engineer: £37,948 per year

Electrical engineer: £38,025 per year

Online master’s in engineering on FutureLearn

• Engineering Operations Management MSc online by Brunel University
• Advanced Manufacturing Systems and Technologies MSc online by Brunel University
• MSc Construction Management with BIM (Building Information Modelling) by Coventry University

8. MSc in Pharmacology

Median salary of graduates: £44,500 per year

Studying pharmacology at master’s level will provide you with an understanding of medications, where they come from, their chemical properties, biological effects and how they can be used. Perfect for those who want to pursue a career in pharmacology, biochemistry or pharmaceutical sciences, a master’s will ensure you can go straight into those well paid positions.

Additionally, many institutions have great connections with the pharmaceutical industry, so getting a master’s can be a great way to form relationships with industry professionals, which can lead to later job opportunities. 

Career options

• Pharmacist
• Regulatory specialist
• Clinical data manager
• Drug manufacturer
• Research scientist

Average salaries for related careers

Pharmacist: £45,080 per year

Clinical data manager: £36,572 per year

Online master’s in pharmacology on FutureLearn

• Clinical Trials MSc by UCL
• Statistics for Clinical Trials MSc by UCL
• MSc Patient Safety and Clinical Human Factors by the University of Edinburgh

9. MSc in Politics

Median salary of graduates: £42,200 per year

A master’s in politics provides you with a deep understanding of political systems, theories, and real-world applications, preparing you to engage with complex global issues. This will make you a valuable asset in fields like policy analysis, government, international relations, and advocacy, helping you find a career where you can make meaningful contributions to society.

There are all kinds of exciting career opportunities you can go into with advanced expertise in politics, especially if you go into high stakes positions in policy work, political journalism, and the civil service. And, the salaries get better and better as you gain hands-on experience and climb the ranks.

Career options

• Politician
• Policy analyst
• Press secretary
• Journalist
• Civil servant

Average salaries for related careers

Policy analyst: £38,195 per year

Civil servant: £34,482 per year

Online master’s in politics on FutureLearn

• MSc Disaster Management and Resilience by Coventry University
• Health Economics & Health Policy MSc online by Brunel University
• Global Public Health & Social Justice MSc online by Brunel University

10. MSc in Materials and Technology

Median salary of graduates: £42,000 per year

Fascinated about the world around you, including how innovative material design could shape the future of science? An interdisciplinary field that combines physics, chemistry and engineering, a master’s degree in materials and technology will have you studying the properties, performance and applications of materials. 

This includes materials such as metals, plastics and ceramics. As you can imagine, a specialism in this field can lead to a wide range of interesting careers, and according to government data, many graduates in these careers earn high salaries. 

Career options

• Academic researcher
• Materials engineer
• Metallurgist
• Patents analyst
• CAD technician

Average salaries for related careers

Metallurgist: £38,025 per year

Materials engineer: £36,053 per year

Online master’s in materials and technology on FutureLearn

• Engineering Operations Management MSc online by Brunel University
• Advanced Manufacturing Systems and Technologies MSc online by Brunel University
• MSc Construction Management with BIM (Building Information Modelling) by Coventry University

Final thoughts

As you can see, there are plenty of really valuable master’s degrees to choose from, and a whole wealth of exciting careers you could go into with one under your belt. Now you know what kind of salaries to expect, you can start looking for a degree that ticks all of your boxes.

And did you know that it’s incredibly easy to study a master’s online? You can create your own learning schedule that fits around your work and other commitments, study from anywhere you like, and earn a qualification from a world-class institution without ever having to step foot on campus.

At FutureLearn, we have a great selection of over 100 online master’s degrees, so make sure to take a look at our full list. Progressing your career has never been more simple.